Aberdeen Asset Management has bought DEGI, one of Germany’s largest property funds, for €110m (£79m) in a deal to secure its place among the top property investment managers in Europe with more than €20bn under management. Financial Times (Sat)

Martin Gilbert, chief executive, said: 'The opportunity arose to buy one of Germany’s big property firms and, because we’ve been pretty small in Germany, we think this deal will raise our visibility with clients and show how serious we are about the German market.'

Before the purchase, Aberdeen had €14bn in property funds under management, with most of that in continental Europe. DEGI will add €6.4bn.